How Receipt Bank helps us give your business the gift of time

January 28, 2018

by Emma Fox

At Fresh Financials, we’re always looking for new ways to help our clients do more. And one of the greatest gifts you can give any business owner is time – time to talk to more prospects, time to work on more marketing or time to spend with their family.

So you can understand how excited our small business clients get when we tell them about Receipt Bank, a data management and smart-scanning app that helps them to automate their bookkeeping and do it up to 20% quicker.

How does Receipt Bank do all this? Let’s take a look at the impact it can have on your business processes – and how it helped us transform one client’s bookkeeping.

The magic of Receipt Bank

It’s a cloud-based solution that scans in all your paperwork, receipts, bills and expenses and then turns those scans into data – data that gets instantly pulled into your Xero online accounting software.

Yep, it sounds like magic, and we’ve seen plenty of people look amazed when they see their petrol receipts suddenly appear in their expenses accounts in Xero, without a single bit of keying-in or boring data entry.

And the real clincher is that Receipt Bank is totally mobile. Download the iOS or Android app to your smartphone or tablet and you can:

Scan in your receipts, bills and travel expenses straight from your phone, while on the go.

If you’re in the office, just email your scans straight over to a personalised Receipt Bank email addy and they’ll do the rest for you.

All your transactions are instantly updated in Xero – and you have a real-time view of your cash and cost numbers.

Are you beginning to see just how powerful this can be?

Three core reasons our clients love Receipt Bank

We’re big believers in the power of apps and software tools. And of all the apps we use, Receipt Bank has been far and way the most popular with our clients.

There are three core reasons why Receipt Bank’s solution resonates with our small business clients:

Receipt Bank’s ‘magical’ smart-scanning is actually possible. It may seem like science fiction, but this is a real app that’s used by thousands of different businesses worldwide.

Receipt Bank works, 100% – this is no beta trial. It’s a tried and trusted cloud solution that really does allow you to snap a receipt and watch that data instantly appear in your Xero accounts.

Receipt Bank gets it right every time – the software does exactly what it says on the tin. No errors, no keying mistakes, no time delays. It’s reliable and efficient – making your business more efficient in the process.

Transforming your company’s bookkeeping

The three core elements of Receipt Bank, combined with our fresh approach to cloud-based bookkeeping, gives us the tools to transform bookkeeping and save our clients hours of that all-important business time.

Working with you, we move your finances over to a Xero system. And once we have Xero up and running, you’ll see that it’s a no-brainer to introduce you to all the goodies that Receipt Bank has to offer.

Earlier this year we had great fun helping a client move to Receipt Bank. It was a dream for all involved, partly because their in-house bookkeeper was really open to the idea and (crucially) happy to try Receipt Bank and see what impact it had for them. In no time she found that she had cut down the time spent on invoices, receipts and purchase ledger duties by a whole working day, as she explains:

“We moved to Receipt Bank in February 2016, and by June I was able to go down to 4 days a week instead of 5. If I had wanted to, I could have done this much earlier – the results were that quick and that dramatic.”

The management team was so happy with the streamlining and efficiency of their new Receipt Bank-driven bookkeeping process that they kept their bookkeeper on at the exact same salary level, despite her now dropping down to 4 days per week – giving her a whole day of precious time to spend with her family.

Rewarding your people for their efficiency is a key challenge to deal with, as you definitely don’t want your team stressing over the possibility of automation replacing their job. In the long term, it’s about taking people away from the tedious stuff and giving them more space to get their hands dirty in other areas of the business, or to flex their working hours around other commitments.

The impact of an automated bookkeeping system

As so many of our clients have found out, the combination of Fresh Financials, Xero, and Receipt Bank can have a seriously positive impact on your business finances and on the engagement of your team.

What you get is:

A faster, more efficient bookkeeping system.

A better, real-time view of your numbers.

A mobile solution that works anywhere at any time.

Less time spent on tedious data entry and financial admin.

More flexibility over how your resource your bookkeeping.

A happy team who appreciate the benefits of automation.

All in all, it’s a recipe for transforming your bookkeeping, freeing up time and creating a business that’s got far more flexibility. And who wouldn’t want that?

Want to know more about how the trio of Fresh Financials, Xero, and Receipt Bank can turn around your business?